Dr. Raphael Hofstein, president and CEO of MaRS Innovation, spoke to the Canadian International Council about the importance of protecting intellectual property as an important component in commercializing Canadian technologies.

Here’s an excerpt:

Government could be extremely helpful if they created special funds dedicated to covering the costs of patent protection.

Most often, we lose opportunities if intellectual property (IP) processing and patent protection are not handled in a professional way. […] It has to be done properly, it has to be done by people who are knowledgeable in the space and those who are knowledgeable and experienced are very expensive. We’re talking about law firms or experts who help put together the patents, and all of that work is very expensive. Funds that dedicated to covering those costs, at least at the early-stage, would be very helpful.

Hofstein also discusses MaRS Innovation’s developing track record and differences between entrepreneurial cultures in Canada and Israel.

You can also watch the full interview on Youtube.

Posted by Susanne Staer, executive assistant to the President & CEO.